长海股份（300196）：新产能快速释放，效益逐步发挥

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 2.66 billion yuan for 2024, representing a year-on-year growth of 2%. However, the net profit attributable to shareholders decreased by 7% to 275 million yuan, and the net profit after deducting non-recurring items fell by 13% to 245 million yuan [2][6]. - In Q4 2024, the company achieved a revenue of 760 million yuan, which is a 23% increase year-on-year and a 12% increase quarter-on-quarter. The net profit attributable to shareholders surged by 787% year-on-year to 72 million yuan, although it decreased by 10% quarter-on-quarter. The net profit after deducting non-recurring items increased by 303% year-on-year to 63 million yuan, with a 4% decrease quarter-on-quarter [2][6]. - For Q1 2025, the company reported a revenue of 760 million yuan, marking a 31% year-on-year increase and a 1% quarter-on-quarter increase. The net profit attributable to shareholders rose by 62% year-on-year to 82 million yuan, with a 14% quarter-on-quarter increase. The net profit after deducting non-recurring items increased by 93% year-on-year to 87 million yuan, with a 39% quarter-on-quarter increase [2][6]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 2.66 billion yuan, with a slight year-on-year growth of 2%. The revenue from fiberglass and its products was 1.97 billion yuan, up 3% year-on-year, while chemical products revenue was 650 million yuan, up 1% year-on-year. The total fiberglass sales volume reached approximately 301,000 tons, a 10% increase year-on-year [14]. - The average price for fiberglass was approximately 6,539 yuan per ton, down about 434 yuan per ton year-on-year. The cost per ton remained stable at around 4,970 yuan, down about 71 yuan year-on-year, resulting in a gross margin of approximately 24%, a decrease of 3.7 percentage points year-on-year [14]. - The company’s overall net profit margin for 2024 was approximately 10.3%, down 1.0 percentage point year-on-year [14]. Production Capacity and Market Dynamics - The company experienced significant growth in production capacity and sales in Q4 2024, with new kiln lines contributing to increased output. However, the newly commissioned kilns affected profitability due to unstable initial performance and lower sales prices for certain products [14]. - In Q1 2025, the company continued to see high growth in sales, with improved profitability as the new kiln lines began to stabilize. The overall gross margin for Q1 was approximately 22.6%, reflecting a 1.5 percentage point increase quarter-on-quarter [14]. - The company anticipates that the proportion of yarn products will increase following the new kiln lines' commissioning, which may impact overall net profit per ton in the short term but is expected to improve as product lines expand [14].